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How To Get And Verify UnoCoin Account | BitCoins | India

Hello guys, welcome to the world of virtual money. Today in this post we will learn about:

What are bitcoins? Is it Legit to use them in India?

How to Send/Receive Bitcoins In India (With UnoCoin)?

Full Guide About UnoCoin.

How to verify your Unocoin Account?

So let us start our Indian bitcoin journey....

What Are Bitcoins? Is It Legit To Use Them In India?

Bitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

Yes, it is legal to use bitCoins in India.

How to Send/Receive Bitcoins In India (With UnoCoin)?

You can send/receive bitcoins easily in India using different bitcoin wallets but UnoCoin is the best option for Indians with low fees and less formalities. To send/receive bitcoins with UnoCoin you should have your account verified which I have explained below in this guide.

Introduction:

Unocoin.com is India’s most popular bitcoin wallet. The company makes it super easy to securely buy, use and accept bitcoin. UnoCoin is one of many bitcoin wallets and broker services that allow users to buy and sell bitcoin, then either let them hold it or send it to an address only the user has control. Unocoin, with offices in Bangalore and Tumkur, has been providing Bitcoin trading, storage, and merchant processing to the public in India since December 2013.

UnoCoin is also India’s number one bitcoin company. It currently holds about 40,000 users registered and with these numbers growing at a fast rate. Unocoin has also surpassed 1 million USD in monthly trade volume since September 2015 and has managed to partner with about 30 merchants and payments wallet across India. The company has also repeatedly marked their presence at various college and commercial events and even sponsored Hackathons.

Unocoin also has its own trading facility and it allows users to store INR within the wallet itself. Unocoin allows users to further protect their funds using 2FA.

Two years ago, the company was funded by Barry Silbert’s company Digital Currency Group (DCG), which in turn is funded by giants like Master Card, American Express, and Goldman Sachs. The $250,000 investment from SecondMarket founder Barry Silbert’s Bitcoin Opportunity Corp was the largest known to date in India’s Bitcoin space. Also, with a large number of people of Indian descent and nationality working abroad, Unocoin is also eyeing the global remittances to India, which, it said, totaled over $70 billion in 2013.

Unocoin Fees:

Currently, the company’s biggest efforts are being directed to helping small and medium businesses and merchants in India accept Bitcoin for their products and services. Unocoin charges a fee of 1% to buy or sell bitcoins. With a significant transaction volume on your account, the transaction fee drops to 0.7%. A government levied Service Tax of 14.50% is also charged on the transaction fee. There is a network fee of 0.0002 incurred by UnoCoin when you send Bitcoin to an external bitcoin address.

Scan all these documents and upload them to the provided fields accordingly.

STEP 4: After uploading all these documents you will see VERIFICATION PENDING. After this, within 48 hours you will have a phone call by UnoCoin in which they will ask you about all your personal details like name, address, date of birth etc (Tell them the exact information as you filled in your UnoCoin account).
Once you give them the correct information your UnoCoin account will verify instantly.ENJOY!

Once you are a verified member, you will receive a wallet address which can be seen on the “Send/ Receive Bitcoins” page. This wallet address is unique to your account. Now just add your bank details and start your transactions with UnoCoin.

As a verified member, you will be able to buy bitcoins on UnoCoin. Click on “Buy/Sell Bitcoin” link, go to "Buy Bitcoins" page and enter how many bitcoins you would like to buy or for how much in INR. Then choose how you wish to pay for your bitcoins - either through NEFT/RTGS/IMPS or through INR balance. If you opt for NEFT/RTGS, you will get a unique transaction id number which you preferably should include as a note while you do the NEFT/RTGS. If there is a delay in receiving your NEFT/RTGS/IMPS payment at our end or if your payment reaches us after working hours, we reserve the right to alter your order to match the exchange rate at the time. Buying using INR balance is instantaneous.

How Can I Send Bitcoins As A Gift To My Friend Who Does Not Know About Bitcoin?

On the "Send/Receive Bitcoins" page, you will notice an option to either key in a bitcoin address or email id of the recipient, or a bitcoin address from your address book. Type in the recipient's email id here along with the number of bitcoins you wish to send and hit the "Send" button to confirm the transaction. If the recipient is not a current Unocoin member, they will also receive an email with an introduction to bitcoin and how they can claim your bitcoin gift. You will receive an email notification when the recipient registers on UnoCoin and claims the gift. If the recipient fails to claim those bitcoins in 7 days, you will receive a new message that will allow you to reclaim those coins.

Conclusion :

Bitcoins in India are the best alternative for freelancers using PayPal. And UnoCoin is the best bitcoin wallet for Indians.